SA’s REIT Redefine Properties In Discussions To Sell Nigerian Office To Investec

By  |  September 4, 2019

South African firm Redefine Properties is currently in superior discussions to promote its 37.1 percent stake within the landmark Oando Wings workplace towers growth in Lagos, Nigeria. It plans to sell the shareholding to Growthpoint Investec African Properties (GIAP).

No Connection With Xenophobia

This transaction has no connection with the ongoing xenophobic attacks on Nigerians and other foreigners in South Africa. Redefine, South Africa’s second-largest real estate firm, is getting shares in GIAP in return for its stake in the Oando Wings property, a venture jointly owned by RMB Westport. 

Growthpoint is Redefine’s rival and SA’s largest Reit. The company launched GIAP as a pan-African real estate investment business with joint-venture partners Investec Asset Management a few years back. Be as that may, GIAP started acquiring assets just this year. 

In 2016, Redefine bought the 37.1 percent stake in the Oando Wings development as part of its acquisition of Johannesburg Stock Exchange-listed capital growth fund Pivotal. The stake was valued at ZAR 800 Mn (NGN 4 Bn) but is now worth around ZAR 453 Mn (NGN 2.3 Bn). Ever since, the company has been looking to submit the stake in the development.

Wings Office Complex 

The subject of this acquisition, the Wings Office Complex, is located in Eti-Osa area of Lagos. The property consists of two 12-story buildings and many other attractions. The structure was built by Cappa D’Alberto, one of the oldest building and civil engineering firms in Nigeria. Cappa also built popular landmarks such as The Civic Centre, GT Bank Head Office, Mobil House, and Citibank Head Office.

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Thomas Reilly, the London-based managing director of Giap, also told Moneyweb that “negotiations are continuing” to acquire the Oando Wings property. “No deal has been signed yet, and we are in talks with both Redefine and RMB Westport. We hope to finalize some sort of deal within the next few months.”

He says Oando Wings is a landmark office property on the ‘right’ side of Lagos. “While it has some leasing issues, it is a top office property asset. We believe that at GIAP, we have the right asset management skills to make this property work.”

Featured Image: earthstructure

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